Steady improvements in the Columbus office market

5555 parkcenterby Dan Rafter

The economy is gaining strength throughout Ohio. It makes sense, then, that the office market in the state’s capital city would also see improvement.

And that’s exactly what’s happening, according to the second-quarter Columbus office report released recently by Cassidy Turley. According to the report, the office real estate market in Columbus posted positive gains in both vacancy and absorption in the second quarter of this year.

The report says that the total office vacancy rate in the Columbus market fell to 16.12 percent. That’s still too high, but it’s an improvement of almost three basis points from the first quarter of this year.

“These gains echo what we’re seeing with the state’s economy,” said Robin Mitchell, research analyst for Cassidy Turley’s Columbus office, in a written statement. “The unemployment rate continues to drop in all the counties surrounding Columbus.”

According to Cassidy Turley, the Northwest submarket showed the most improvement in the second quarter, absorbing more than 90,000 square feet. New leases at the office buildings at 5515 and 5555 Parkcenter led this submarket to its strong second-quarter showing.

The Northeast submarket came next, with an absorption of almost 60,000 square feet. Leases signed at 1 Easton Oval and 6525 W. Campus Oval helped offset the 70,000 square feet vacated by Palmetto, which moved out of 4249 Easton Way.

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